Rupee up by 13 paise vs dollar after initial losses

The rupee resumed lower at Rs 49.14/15 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 49.07/08 per dollar. However, it recovered almost immediately to Rs 48.94 per dollar before quoting at Rs 48.95/96 per dollar at 1030 hours.

The domestic currency hovered in a range between Rs 48.94 per dollar and Rs 49.25 per dollar during morning deals.

Fresh selling of dollars by banks and exporters on the back of dollar weakness in overseas markets mainly boosted the rupee value against the dollar, a forex dealer said.

In the New York market, the US dollar declined against the euro yesterday as global stock markets rallied amid growing speculation that euro zone officials will take decisive action to tackle the region`s debt crisis.